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CDA staff present 2024 TIF portfolio report: reassessment, state ratio changes drive valuation swings
Summary
Staff summarized the authority’s annual Tax Increment Financing report for year 2024, noting a $44 million assessed-value gain (driven by reassessment), state ratio adjustments that caused year-to-year swings, and several active projects including Allis Yards and manufacturing investments.
CDA staff presented the annual report on active and closed tax incremental financing districts for the fiscal year 2024 and discussed portfolio trends at the Sept. 30 meeting.
Sean, a staff member who prepared the packet, told the authority the city’s 2024 reassessment increased assessed values by about $44 million across TIFs. He said state equalization ratios applied year-to-year produced large apparent swings in equalized values: for example, TID 7’s equalized value fell from about $109 million in 2023 to roughly $68…
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